EXHIBIT 99
Contact:
Admiralty Bancorp, Inc., Palm Beach Gardens
Ward Kellogg, 561/624-4701
Melisa Kratz, 561/624-4701
PRESS RELEASE
Admiralty Bancorp. Inc. Announces Successful Offering
PALM BEACH GARDENS, Fla.--(BUSINESS WIRE)--December 12, 2000 --Admiralty
Bancorp, Inc., (NASDAQ NM: AAABB), parent company of Admiralty Bank and
Admiralty Insurance Services, LLC, announced today that it has successfully
undertaken an offering of its Class B common shares, accepting subscriptions for
$7.5 million at $10.00 per share. The Company commenced a community offering
primarily in the Orlando, Florida area on November 7, 2000 to raise between $7
and $11 million primarily to fund Admiralty Bank's expansion into the Orlando,
Florida area. The Company expects that the offering will remain open until the
full $11 million is raised. The sale is accretive to the Company's book value,
adding $0.78 per share, or 11% to the September 30, 2000 book value per share.
Ward Kellogg, President and CEO of Admiralty Bancorp, Inc., stated, "We are very
pleased with the positive reception to our offering. We believe this shows the
market's confidence in our business, and its appreciation for our continuing
achievements. The Orlando business community has been very receptive to the
Admiralty Bank style of banking. The increased capital raised in this offering
will help to make us an even stronger institution as we continue our expansion
in the Orlando area and elsewhere in Florida."
"We are grateful to all of the investors who place their trust in Admiralty,"
added Bruce Mahon, Chairman of the Board of Admiralty Bancorp, Inc., "and, as we
continue to expand, we will strive to reward them for their support."
Admiralty Bancorp, Inc. is the parent company for Admiralty Bank and Admiralty
Insurance Services, LLC. Admiralty Bank is a Florida chartered commercial bank
operating through its main office in Palm Beach Gardens, Florida and five branch
offices located in Boca Raton, Juno Beach, Jupiter, Melbourne and Orlando,
Florida. The Bank intends to open two additional branches in the Orlando area
and one branch in Cocoa Beach, Florida, in the first quarter of 2001.
The Bank is a full service financial institution, catering to the needs of
businesses, professionals, and private banking clients. Admiralty Insurance
Services is a limited liability corporation providing a full range of insurance
services to Admiralty Bank customers and the public.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: Certain of these statements contained in this release which are not
historical facts are forward-looking statements that are subject to risks and
uncertainties that could cause actual results to differ materially from those
set forth in the forward-looking statements, including the uncertainties
inherent in the process of auditing and making end-of-year adjustments to a
corporation's financial statements. By making these forward-looking statements,
the Company undertakes no obligation to update these statements for revisions or
changes after the date of this release.
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